Former Argent director Robert Laurence has launched his own company backed by Warburg Pincus the US venture capitalist that sold out of Argent last year.
Laurence’s new venture is called Resolution Property and has a £300m war chest to spend. It is targeting high-yielding stock, particularly multi-let industrial estates and shops.
Based in London, Resolution is made up of Argent’s old investment team – Brian Reynolds, James Mihell and Nigel Robson. They are joined by finance director Jeremy Bard. Laurence said he has £75m of deals under offer including two industrial and retail portfolios together worth £45m.
Warburg Pincus has put up the bulk of the £65m equity to launch Resolution while the rest of the company is owned by Laurence and his staff.
Argent was bought by Hermes last year after founders Peter and Michael Freeman, Warburg Pincus and other directors including Laurence sold their shares.
EGi News 26/03/98
